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XPENG achieved a remarkable 54% increase in electric vehicle sales in November 2024, delivering 30,895 units, marking a new monthly record. The company's growth is driven by the success of its affordable M03 and the new P7+, contributing to a total of 153,373 sales in the first 11 months of the year, a 26% rise from 2023. With expanding demand and market presence, XPENG is poised for further growth, potentially rivaling established competitors like BYD.
BYD has achieved a remarkable milestone by selling over 1 million plugin vehicles in just two months, with 504,003 units delivered in November alone, marking a 67.2% increase from the previous year. The company also reported 198,065 fully electric vehicle sales in November, a 16.4% rise year-over-year, positioning it to potentially surpass Tesla in quarterly BEV sales. Additionally, BYD's plugin hybrid vehicle sales reached 305,938, a staggering 133.1% increase compared to November 2023.
Asia-Pacific markets are trading higher following record highs on Wall Street, with the offshore yuan weakening past 7.3 against the dollar for the first time since July. South Korea's inflation rose to 1.5% in November, prompting an unexpected rate cut by the central bank. Meanwhile, Goldman Sachs updated its global stock picks, highlighting several stocks with over 40% upside potential.
China is racing to develop artificial general intelligence (AGI) while balancing its ambitions with the need to maintain control over its political landscape. Experts warn that the rapid advancement of AI poses significant risks, leading to calls for international regulations to ensure safety and prevent uncontrollable developments. As the U.S. restricts China's access to key technologies, Beijing is focused on building its own capabilities, viewing AI as a means to enhance both geopolitical power and domestic growth.
S&P 500 futures remained stable after the index reached a record high. The offshore yuan weakened past 7.3 against the dollar, with predictions it could fall to 8 by 2025. South Korea's inflation rose to 1.5% in November, prompting an unexpected rate cut by the Bank of Korea. Investors are favoring U.S. equities, with Morgan Stanley highlighting a balanced earnings recovery across sectors. New York Fed President John Williams emphasized ongoing efforts to combat inflation, while JPMorgan's Jason Hunter noted bullish signals for stocks from the bond market. In after-hours trading, Tesla and Zscaler saw declines, while Credo Technology Group surged after exceeding earnings expectations.
The recent UN talks in Busan aimed at establishing a treaty to combat plastic pollution ended without agreement, largely due to resistance from fossil fuel-producing nations against capping plastic production. Despite over 100 countries advocating for stringent measures, divisions persisted, with negotiators expressing concerns over economic impacts and the need for higher-level political involvement. The next round of discussions is anticipated to be challenging, with calls for more decisive action to address the plastic crisis.
UBS's recent survey of over 7,500 smartphone users across key markets indicates that iPhone purchase intent remains stable in the U.S. at 24%, while interest in China has decreased to 17%. Additionally, interest in generative AI among respondents is low, with only 30% expressing interest in a smartphone. UBS maintains a Neutral rating and a $236 price target for Apple shares.
Inflows from emerging markets, including India, into US funds have surpassed $47 billion, according to Elara Capital. In the week ending November 29, US funds recorded inflows of $37 billion, totaling $148 billion over five weeks, with India contributing $2.2 billion. The largest outflow came from China at $11 billion, while mid- and small-cap US investments also saw significant increases.
Chinese automakers BYD, Leapmotor, and Xiaomi have exceeded their annual delivery targets ahead of schedule, reflecting strong market demand. BYD delivered over 504,000 vehicles in November, while Leapmotor and Xiaomi surpassed their targets of 250,000 and 100,000 deliveries, respectively. Other brands like Zeekr and Xpeng also reported significant growth, with Zeekr delivering nearly 195,000 cars this year and Xpeng achieving record deliveries of nearly 31,000 in November.
China's 10-year bond yield has fallen to a multi-decade low of 1.9636%, driven by expectations of further stimulus measures from Beijing to support the economy, which is projected to grow over 5% this year. The People's Bank of China has injected significant liquidity into the banking system and indicated potential cuts to the reserve requirement ratio. Despite a bond market rally, concerns remain about economic fundamentals and the risk of deflation without meaningful fiscal stimulus.
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